Wicked. Most definitely.
I think it just wouldn't be able to transfer to screen at all.
The magic of the show is very much in the visual appearance of the stage. It's very color-based and magical and whimsical, and it just could not be replicated the same way in a simulated environment on screen.
And I mean, one of the most spectacular things about the show is in "Defying Gravity", seeing Elphaba rise above the stage, flying. Doing something like that on stage is phenomenal, and appears so beautiful and magestic, even though it's nothing more than a cherry picker behind a big drape.
But to see her fly on big screen, it's no big deal. We've all seen stuff like that before. CGI, effects, since it's nothing new or nothing noteworthy done on screen...it just wouldn't have nearly the same effect.
The plotline would work...but it just could not be replicated in its state on-stage.
I would, however, like to see another attempt at a non-musical movie based on the novel. Because even though they originally had trouble with it, they've all had much more experience with the story now with it made into a musical. They could tweak around plot points a bit to make it easier, but I really would like to see a screen adaptation of the book. But not the musical in its present state, for the reasons stated above.
"Cages or wings, which do you prefer?"-- Tick, Tick...BOOM!